In 4 years, 6500 amounts to 8840 at a certain rate of interest. In what time will 1600amounts to 1816 at the same rate?
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Answer:
1.5 Years
Step-by-step explanation:
Solving our equation:
r = (1 ÷ 4) ((8840 ÷ 6500) - 1) = 0.09
r = 0.09
Converting r decimal to R percentage
R = 0.09 X 100 = 9%/year
Now solving for time period of 1816
t = (1÷0.09)(( 1816 ÷ 1600) - 1) = 1.5
t = 1.5 years
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